Jun 2026 (Q2 FY26) — Jul 23, 2026
Blackstone Q2 FY26 — AI-Driven Growth Fuels Record AUM and Strong Earnings
Read the full callBlackstone (BX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Blackstone earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,044 | +35.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 1,229 | +60.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product launch with Vanguard/Wellington | Launch products | Dec 2025 | Yesterday, the first 2 funds in our alliance with Wellington and Vanguard officially launched WVB All Markets and WVB Blackstone All Privates. | Missed |
| FRE margin | stability with the potential for upside | Dec 2025 | First, with respect to FRE, which increased 22% year-over-year to $1.8 billion or $1.43 per share. | On Track |
| First close for fifth private equity energy transition vehicle | First close anticipated this spring | Dec 2025 | Post quarter end, we closed an initial $1.7 billion for our fifth private equity energy transition flagship. | Achieved |
3 of Blackstone Inc.'s 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Distributable earnings (DE) increased 26% year-over-year to $2 billion.
- Fee-related earnings (FRE) grew 22% year-over-year to $1.8 billion.
- Total inflows reached nearly $70 billion in the quarter, lifting assets under management (AUM) 11% year-over-year to a record $1.35 trillion.
- Net realizations rose 27% year-over-year to $414 million.
- The IPO market is strengthening, with 3 IPOs executed since May and 8 on file globally.
Qualified
- Geopolitical volatility pushed out exit pipelines and slowed realization activity in the near term.
- Muted flows in credit for private wealth, with BCRED redemption requests remaining elevated and exceeding the 5% limit, resulting in net outflows of $1.2 billion.
- The real estate recovery has been impacted by the increase in base rates.
- Management is mindful of the potential for excessive exuberance in the AI area and associated investment risks.
Price
$107.09 +0.45% · +$0.48
Performance −31.5% 1Y
1Y: $156.31 on 17 Oct 2025 → $107.09. High $163.5 (16 Jan 2026), low $102.12 (12 Mar 2026).
- Previous close
- $106.61
- 52-week range
- $102.12 – $163.5
- One year
- −33.25%
Overview
- Symbol
- BX
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product launch with Vanguard/Wellington | Launch products | Dec 2025 | Yesterday, the first 2 funds in our alliance with Wellington and Vanguard officially launched WVB All Markets and WVB Blackstone All Privates. | Missed |
| FRE margin | stability with the potential for upside | Dec 2025 | First, with respect to FRE, which increased 22% year-over-year to $1.8 billion or $1.43 per share. | On Track |
| First close for fifth private equity energy transition vehicle | First close anticipated this spring | Dec 2025 | Post quarter end, we closed an initial $1.7 billion for our fifth private equity energy transition flagship. | Achieved |
Claimed
- Distributable earnings (DE) increased 26% year-over-year to $2 billion.
- Fee-related earnings (FRE) grew 22% year-over-year to $1.8 billion.
- Total inflows reached nearly $70 billion in the quarter, lifting assets under management (AUM) 11% year-over-year to a record $1.35 trillion.
- Net realizations rose 27% year-over-year to $414 million.
- The IPO market is strengthening, with 3 IPOs executed since May and 8 on file globally.
Qualified
- Geopolitical volatility pushed out exit pipelines and slowed realization activity in the near term.
- Muted flows in credit for private wealth, with BCRED redemption requests remaining elevated and exceeding the 5% limit, resulting in net outflows of $1.2 billion.
- The real estate recovery has been impacted by the increase in base rates.
- Management is mindful of the potential for excessive exuberance in the AI area and associated investment risks.
The full ledger
Open Blackstone Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Blackstone Q1 FY26 — Record $1.3T AUM and 25% DE growth amid market volatility and private-credit noise
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Blackstone Q4 FY25 — Record DE and AUM Growth Driven by Strong Inflows and Accelerating Realizations
Read the full callEvery analysed call
Blackstone earnings calls (BX)
Financials
What the filings say
Net profit, year on year: +61% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,663 | 3,083 | 3,289 | 3,712 | 3,089 | 4,360 | 3,618 | 5,044 |
| Expenses | 1,896 | 1,500 | 1,894 | 1,933 | 1,751 | 2,125 | 2,262 | 2,376 |
| Interest | 111 | 116 | 118 | 136 | 126 | 128 | 137 | 145 |
| Profit before tax | 1,810 | 1,561 | 1,453 | 1,916 | 1,447 | 2,357 | 1,455 | 2,808 |
| Tax rate | 13.6% | 14.9% | 16.8% | 15.1% | 14.5% | 16.2% | 13.6% | 16.1% |
| Net profit | 781 | 704 | 615 | 764 | 625 | 1,015 | 650 | 1,229 |
| EPS ($ per share) | 1.02 | — | 0.80 | 0.98 | 0.80 | — | 0.83 | 1.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | 610 | 336 | 3,648 | 1,748 | 661 | 808 | 192 |
| Total liabilities | 15,171 | 17,482 | 11,679 | 19,490 | 22,843 | 22,212 | 23,975 | 25,828 |
| Fixed assets | 120 | 154 | 232 | 245 | 412 | 543 | 506 | 521 |
| Total assets | 28,925 | 32,586 | 26,269 | 41,196 | 42,524 | 40,288 | 43,470 | 47,709 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 46 | 1,963 | 1,936 | 3,986 | 6,336 | 4,057 | 3,482 | 4,663 |
| Cash from investing | -117 | -60 | -167 | -64 | -235 | -230 | -61 | -116 |
| Cash from financing | -1,330 | -1,921 | -2,244 | -3,777 | -3,794 | -5,054 | -4,502 | -3,879 |
| Net cash flow | -1,391 | -22 | -459 | 135 | 2,294 | -1,222 | -1,096 | 678 |
| Capital expenditure | -18 | -60 | -112 | -64 | -235 | -224 | -61 | -116 |
| Free cash flow | 27 | 1,903 | 1,824 | 3,922 | 6,101 | 3,833 | 3,420 | 4,547 |
BX revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Investment Advice | 49% | 61% | 58% | 55% | 67% | 48% | 59% | 45% | +11.3% |
| Investment Performance | 5% | 13% | 6% | 5% | 7% | 9% | 5% | 3% | -18.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BX operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) Infrastructure platform | $120B+BIP anchors a broader infrastructure platform as a firm that exceeds $120 billion across equity, credit and sector.Source: earnings call transcript | — | $77BIn infrastructure, our dedicated platform grew a remarkable 40% year-over-year to $77 billion, including over $4 billion raised in the fourth quarter, underpinned by exceptional investment performance.Source: earnings call transcript | $84BOur dedicated infrastructure platform grew 41% year-over-year to $84 billion underpinned by exceptional investment performance.Source: earnings call transcript | $90BAnd today, it is a rocket ship with AUM growing a remarkable 40% year-over-year to $90 billion.Source: earnings call transcript | +7.1% |
| Assets under management (AUM) Infrastructure and asset-based credit platform | $90BAnd as BIP has continued to scale, it has, in turn, enhanced the firm's intellectual capital, relationships and deal flow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure secondaries business and our dedicated energy and energy transition-focused funds.Source: earnings call transcript | $107BNotably, our infrastructure and asset-based credit business grew 29% year-over-year to $107 billion, one of the fastest-growing areas at the firm.Source: earnings call transcript | — | — | — | +18.9% |
| Assets under management (AUM) Corporate and real estate credit | $450B+We've built a private credit juggernaut and the largest third-party business of its kind in the world, with over $450 billion of total assets across corporate and real estate credit.Source: earnings call transcript | — | $520BWe now manage $520 billion of total assets across corporate and real estate credit, up 15% year-over-year.Source: earnings call transcript | $536BWe now manage $536 billion of total assets across corporate and real estate credit.Source: earnings call transcript | <$550BStepping back for a moment on credit where our combined platform has grown to nearly $550 billion across corporate and real estate credit, up 13% year-over-year.Source: earnings call transcript | — |
| Assets under management (AUM) Investment-grade private credit | $100B+We're also seeing strong traction for our investment-grade private credit offerings, as I noted, and now manage over $100 billion in that area, up nearly 40% year-over-year, virtually all on behalf of insurance clients, but we are now seeing receptivity from pensions and other LPs as well.Source: earnings call transcript | — | — | ~$130BIn Q1, our investment-grade private credit platform grew 23% year-over-year to approximately $130 billion.Source: earnings call transcript | — | — |
| Assets under management (AUM) Insurance | <$230BIn the insurance channel specifically, our business has reached nearly $230 billion, up 19% year-over-year, invested across IG private credit, liquid credit and other strategies.Source: earnings call transcript | $264BMeanwhile, in the insurance channel, our AUM grew 19% year-over-year to $264 billion across IG private credit, liquid credit and other strategies.Source: earnings call transcript | — | $280BIn the insurance channel overall, our open architecture, multi-client approach continues to resonate with AUM growing 18% year-over-year to $280 billion, up fourfold in the past 5 years.Source: earnings call transcript | $290BOur insurance AUM reached $290 billion in the second quarter, up 15% year-over-year, representing the largest third-party focused platform in our sector.Source: earnings call transcript | +3.6% |
| Assets under management (AUM) Private wealth | — | <$290BIn private wealth, our AUM in the channel grew 15% year-over-year to nearly $290 billion.Source: earnings call transcript | $300B+Our AUM in private wealth grew 16% year-over-year to more than $300 billion and is up threefold in the past 5 years.Source: earnings call transcript | — | $324BDespite the geopolitical turbulence and muted flows in credit, our AUM in the channel grew 16% year-over-year in the second quarter to a record $324 billion.Source: earnings call transcript | — |
| Assets under management (AUM) BXMA | — | $93BOur multi-asset investing business, BXMA, grew 12% year-over-year to a record $93 billion, again driven by performance.Source: earnings call transcript | $96BInvestors are responding favorably with $6.3 billion of net inflows for BXMA in 2025, representing the highest net fundraising in nearly 15 years, and lifting AUM 14% year-over-year to a record $96 billion.Source: earnings call transcript | $100BSticking with our open-ended strategies, our multi-asset investing segment, BXMA, cross the $100 billion milestone in the first quarter up 15% year-over-year.Source: earnings call transcript | $109BAUM reached a record $109 billion, up 21% year-over-year, representing its fastest organic growth in nearly 15 years.Source: earnings call transcript | +9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
48 filings between Oct 29, 2025 and Sep 18, 2026.
Open market
decisions to buy or sellPurchases
$4.24M
15 purchases by 2 insiders
Sales
$28.22M
9 sales by 4 insiders
Compensation
not trading decisions- 18
- Award — granted as compensation
Also filed: 4 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Baratta Joseph | — | $12.38M | Sep 18, 2026 |
| Sawhney Vikrant | — | $7.84M | Aug 4, 2026 |
| Finley John G | — | $6.62M | Aug 11, 2026 |
| BREYER JAMES | $3.99M | — | Nov 4, 2025 |
| Payne David | — | $1.38M | Aug 11, 2026 |
| Porat Ruth | $243.8K | — | Aug 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 18, 2026 | Baratta Joseph Director | Sale | 57,754 | $7.17M |
| Sep 18, 2026 | Baratta Joseph Director | Sale | 42,246 | $5.21M |
| Aug 11, 2026 | Finley John G Chief Legal Officer | Sale | 19,802 | $2.91M |
| Aug 11, 2026 | Payne David Chief Accounting Officer | Sale | 9,500 | $1.38M |
| Aug 11, 2026 | Finley John G Chief Legal Officer | Sale | 25,198 | $3.71M |
| Aug 10, 2026 | Porat Ruth Director | Purchase | 126 | $17.3K |
| Aug 10, 2026 | Porat Ruth Director | Purchase | 84 | $11.5K |
| Aug 10, 2026 | Porat Ruth Director | Purchase | 245 | $33.6K |
| Aug 4, 2026 | Sawhney Vikrant Chief Administrative Officer | Sale | 11,592 | $1.58M |
| Aug 4, 2026 | Sawhney Vikrant Chief Administrative Officer | Sale | 18,408 | $2.49M |
| Aug 3, 2026 | Parrett William G Director | Other | 1,500 | — |
| Aug 3, 2026 | Parrett William G Director | Other | 1,500 | — |
| May 11, 2026 | Porat Ruth Director | Purchase | 229 | $28.3K |
| May 11, 2026 | Porat Ruth Director | Purchase | 126 | $15.4K |
| May 11, 2026 | Porat Ruth Director | Purchase | 84 | $10.3K |
| May 1, 2026 | Sawhney Vikrant Chief Administrative Officer | Sale | 13,049 | $1.65M |
| May 1, 2026 | Sawhney Vikrant Chief Administrative Officer | Sale | 16,965 | $2.13M |
| Apr 1, 2026 | Sawhney Vikrant Chief Administrative Officer | Award | 129,077 | $0 |
| Apr 1, 2026 | Porat Ruth Director | Award | 1,961 | $0 |
| Apr 1, 2026 | LAZARUS ROCHELLE B Director | Award | 1,961 | $0 |
| Apr 1, 2026 | Parrett William G Director | Award | 2,048 | $0 |
| Apr 1, 2026 | Brown Reginald J Director | Award | 1,961 | $0 |
| Apr 1, 2026 | Chae Michael CFO & Vice Chairman | Award | 152,667 | $0 |
| Apr 1, 2026 | Baratta Joseph Director | Award | 124,626 | $0 |
| Apr 1, 2026 | GRAY JONATHAN President & COO | Award | 302,662 | $0 |
| Apr 1, 2026 | Payne David Chief Accounting Officer | Award | 17,804 | $0 |
| Apr 1, 2026 | BREYER JAMES Director | Award | 1,961 | $0 |
| Apr 1, 2026 | Finley John G Chief Legal Officer | Award | 152,222 | $0 |
| Mar 10, 2026 | Finley John G Chief Legal Officer | Gift | 7,500 | $0 |
| Mar 10, 2026 | Finley John G Chief Legal Officer | Gift | 7,500 | $0 |
| Feb 17, 2026 | Porat Ruth Director | Purchase | 100 | $13.1K |
| Feb 17, 2026 | Porat Ruth Director | Purchase | 276 | $35.9K |
| Feb 17, 2026 | Porat Ruth Director | Purchase | 149 | $19.6K |
| Jan 12, 2026 | Chae Michael CFO & Vice Chairman | Award | 41,174 | $0 |
| Jan 12, 2026 | Payne David Chief Accounting Officer | Award | 1,656 | $0 |
| Jan 12, 2026 | GRAY JONATHAN President & COO | Award | 51,216 | $0 |
| Jan 12, 2026 | Finley John G Chief Legal Officer | Award | 14,959 | $0 |
| Jan 12, 2026 | Sawhney Vikrant Chief Administrative Officer | Award | 29,458 | $0 |
| Jan 12, 2026 | Baratta Joseph Director | Award | 51,216 | $0 |
| Nov 12, 2025 | Parrett William G Director | Gift | 2,244 | $0 |
| Nov 12, 2025 | Parrett William G Director | Gift | 2,244 | $0 |
| Nov 10, 2025 | Porat Ruth Director | Purchase | 117 | $16.8K |
| Nov 10, 2025 | Porat Ruth Director | Purchase | 207 | $30.8K |
| Nov 10, 2025 | Porat Ruth Director | Purchase | 78 | $11.2K |
| Nov 9, 2025 | Parrett William G Director | Award | 1,529 | $0 |
| Nov 4, 2025 | BREYER JAMES Director | Purchase | 10,200 | $1.47M |
| Nov 4, 2025 | BREYER JAMES Director | Purchase | 3,700 | $528.7K |
| Oct 29, 2025 | BREYER JAMES Director | Purchase | 13,170 | $1.99M |
| Sep 25, 2025 | Baratta Joseph Director | Sale | 3,798 | $670.0K |
| Sep 25, 2025 | Baratta Joseph Director | Sale | 109,202 | $19.18M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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